Excellence Achieved: AB Handshake Awarded Best AI Use for All Verticals

Fraud prevention has become a top priority for both telcos and enterprises in 2024. A promising trend has emerged: according to Experian, 65% of large enterprises increased their investments in fraud mitigation, with 35% reporting significantly higher spending compared to the previous year. 

AB Handshake is proud to contribute to the fight against telecom fraud with its AI-driven solution, helping enterprises and telcos secure their traffic, protect revenue, and strengthen customer trust in voice and SMS channels.

Expanding Telecom Security with FPaaS

Enterprises in banking, healthcare, e-commerce, and logistics rely on SMS and voice for essential services like OTP and customer support, but often overlook them as potential fraud targets. Attacks like PBX hacking, Wangiri 2.0, Artificially Inflated Traffic (AIT), and Smishing cost businesses billions annually, yet many remain unaware of the risks until it’s too late.

These attacks often result in billing disputes with operators, who are left to cover the costs. Telcos are perfectly positioned to protect enterprise customers and avoid such disputes, but they need capable technology to provide effective solutions as a value-added service.

AB Handshake’s AI-powered solution is the answer for both telcos and enterprises across various industries. Operators now have a significant opportunity to unlock new revenue streams by offering Fraud Prevention as a Service (FPaaS) to their enterprise clients and restoring voice and SMS as trusted channels for omnichannel customer engagement.

Setting A New Standard for Fraud Prevention

The AB Handshake solution stands out for its broad applicability, serving both mobile network operators and enterprises by offering: 

• Dynamic AI Learning and Real-Time Blocking: AB Handshake’s AI-driven system detects and blocks fraudulent traffic in real time with 99.995% accuracy. It adapts to new threats without relying on post-analysis of call records or outdated bases.

For instance, where other traditional solutions struggle with complex fraud schemes like Wangiri 2.0 and AIT, AB Handshake’s machine learning capabilities address these threats, providing a comprehensive tool that ensures minimal disruption to legitimate traffic.

• Ease of Integration and Quick Deployment: The system integrates seamlessly with existing communication infrastructures, fraud management systems, and security software via APIs. This allows for rapid implementation without disrupting operations or the end-user experience. 

Exceptional Return on Investment: Simple integration coupled with the ability to mitigate the exceptionally high financial impact of these fraud types may deliver a 100% ROI in as little as two to six months.

Fraud Trends and the Growing Demand for AI Solutions

In 2024, fraud affecting enterprises emerged as a significant challenge, with Artificially Inflated Traffic (AIT) identified as the most damaging fraud type by 62% of GLF Fraud Report respondents. AIT exploits SMS channels, distorting metrics and increasing costs for enterprises relying on secure messaging. To address these growing threats, 77% of anti-fraud teams are investing more in SMS fraud prevention. 

Voice fraud continues to threaten businesses, with schemes like PBX hacking and Wangiri 2.0 causing significant financial damage. As reported by the CFCA, PBX hacking has surged due to the expansion of hosted PBX services, leading to losses of $4.28 billion in 2023. Meanwhile, AB Handshake analysis shows that Wangiri 2.0 currently accounts for 13% of fraud attacks, hurting businesses through costly callback attack scenarios.

Unsurprisingly, 76% of fraud departments are prioritizing AI-powered solutions which enable real-time fraud detection and ensure more comprehensive protection.

A Vision for a Safer, More Profitable Telecom Future

“We are grateful for this recognition and do not take lightly the responsibility we have in our industry to consistently deliver solutions that serve not just operators and carriers, but their enterprise customers as well,” said Sergey Okhrimenko, AB Handshake’s Chief Technology Officer. 

As cybersecurity threats evolve to include more attacks over telecom channels, AB Handshake’s AI-driven fraud prevention empowers telcos to protect their traffic, safeguard their enterprise customers, and further expand VAS revenue streams.